Help! Lost a post / thread and possibly the plot. Retirement calculator thread... Ta

[bonnies mum]

Originally Posted by salmim

Hope you find it, we had our IFA round yesterday trying to plan ours. Not sure what sort of Calculator you were after but a few budgeting ones we've used have been with Money Advise Service and Which Magazine if it helps?

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You had someone round?

[Guest]

Originally Posted by Mr Tom Morrow

I got bored yesterday evening so had a look for you. Sorry but I can't find it so I suspect it was deleted.

Hopefully somebody will spot this and PM you.

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Thank you for looking. Very kind of you.
I think you are right it's gone for some reason.

[Guest]

If I had mastered the art of multiquoting on my mobile I would be fancy and do so.

Otherwise, thank you for your tspill suggestion. He had been next on my hit list to ask 😁

[disney332]

Just all be aware...

Retirement calculators use assumptions. Assumptions on future tax fates, Inflation assumptions, and more importantly growth assumptions

Growth assumptions are based upon the past as are inflation assumptions. Inflation of course makes things more expensive in the future so your £1 today may be worth in real terms 50p in the future.

Covid and other global economic slumps such as a banking crisis cannot be adequately built in, neither can periods of great inflation due to unknown events.

My rule of thumb for all people saving in a money purchase arrangement for the future is to put away as much as you can afford after you have fulfilled your Requirement for now things such as Disney holidays.

The key is to regularly review what you have saved and make sure it is on target to meet your retirement aspirations. Too late when you are 65.

Disney332

[Guest]

Ah thank you. Sage advice.

This one wasn't a calculator of what you will get so much more of how to make you think about what you might need.

Yea some assumptions made but interesting for me to start at the end and work back like that.

[disney332]

Originally Posted by FamilyGWales

Ah thank you. Sage advice.

This one wasn't a calculator of what you will get so much more of how to make you think about what you might need.

Yea some assumptions made but interesting for me to start at the end and work back like that.

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Yes, they are very thought provoking.

We are all different of course, our lives are different and our experiences are different. I personally think a balance between the now things and the future things is the right one.

No one has a crystal ball ( if only we did), but life when you are younger could be far better than life when you are older.

Its also worth noting for the 40s and below (or 50s, who knows post Covid) that the State Pension may not be around when you get to state retirement age.

Disney332

[tspill]

Hi folks,

No idea where that thread went. I looked through my posts as I was quite active on that thread and cant see any so the thread must have been deleted. Cant see why.

Anyway, the links I posted were
retirementlivingstandards.uk/

And the direct link for the spreadsheets was
retirementlivingstandard...-full-data.zip

These try to help you work out rough costs for living for various lifestyles.
You could use these or a variant. They are too detailed for me, so I have my own spreadsheet with maybe 15-20 categories and I track expenditure against these for every penny we spend. It isnt as onerous as it sounds.

The big thing for me is that it allowed me ensure I hadn't forgotten anything.

Hope this helps.

[Stu]

Originally Posted by tspill

Hi folks,

No idea where that thread went. I looked through my posts as I was quite active on that thread and cant see any so the thread must have been deleted. Cant see why.

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The thread starter deleted it.

[Guest]

Thank you.

Much appreciated.

I know roughly what I will get but am looking at my NICs position.

What I hadn't done, which this has prompted me to do is think substantially about what I would want to have and what limitations on what I have would have involves.

I take the point on inflation above and will just think about it in real terms. So having a robust real terms understanding of where it's all going now would be good.

I have another thread going somewhere about money management apps to better track it all.

[Guest]

Originally Posted by disney332

Just all be aware...

Retirement calculators use assumptions. Assumptions on future tax fates

Disney332

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Just spotted this. 😂

I know it's a typo but it does feel a bit like that at the moment. Cannot see a world where the tax pressures aren't going to increase to pay off all this covid-19 fiscal pressure.